CBN advances payment reforms to boost MSMEs and fintech growth
The Central Bank of Nigeria, led by Olayemi Cardoso, is driving reforms in cross-border digital payments to enhance growth and inclusion for Micro, Small, and Medium Enterprises. The CBN is tackling challenges such as high remittance costs, fragmented infrastructure, and strict compliance rules to create a more efficient payment ecosystem. These efforts are also aimed at strengthening Nigeria’s financial stability and global credibility. The push includes embracing fintech innovation and modernising payment infrastructure.
TLDR
- Olayemi Cardoso emphasised the need for coordinated reforms in cross-border payments to promote economic inclusion and financial stability.
- The CBN has simplified compliance requirements for low-value cross-border payments and expanded its regulatory sandbox to support fintech innovation.
- Nigeria was recently removed from the Financial Action Task Force grey list, improving its reputation and access to global financial markets.
- Over 12 million contactless payment cards are now in circulation, and leading fintech apps in Nigeria have surpassed 10 million downloads each.
- Nigerian startups secured over $520m in equity funding in 2024, maintaining the country’s status as a leading fintech hub in Africa.
